Truly Agreed, 2016

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SS HCS HB 1765, 2016    (Amended Section - as Truly Agreed)    

456.5-508. 1. [A creditor or other claimant of a beneficiary or other person holding a special power of appointment or a testamentary general power of appointment may not attach trust property or beneficial interests subject to the power, obtain an order from a court forcing a judicial sale of the trust property, compel the exercise of the power, or reach the trust property or beneficial interests by any other means] Except as provided in sections 456.970 to 456.1135:
     (1) Appointive property subject to a general power of appointment exercisable only at the powerholder's death is not subject to the claim of a creditor;
     (2) Appointive property subject to a nongeneral power of appointment is not subject to the claim of a creditor
.
     2. This section shall not limit the ability of a creditor or other claimant to reach a beneficial interest as otherwise provided in sections 456.5-501 to 456.5-507.
     3. [In this section "special power of appointment" means a power of appointment exercisable in favor of one or more appointees other than the holder, the holder's estate, the holder's creditors, or the creditors of the holder's estate, and a "testamentary general power of appointment" means a power of appointment exercisable at the death of the holder, without the consent of the creator of the power or of a person holding an adverse interest in favor of the holder, the holder's estate, the holder's creditors, or the creditors of the holder's estate] As used in this section, the terms "appointive property", "general power of appointment", "nongeneral power of appointment", and "claim of a creditor" shall have the same meaning as defined in section 456.975.


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